Aug 17, 2016
VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime") is pleased to announce that with the Prefeasibility Study ("PFS") well underway the Company has engaged independent Stantec Consulting Ltd. ("Stantec") to initiate the permitting process on Hammerdown, Rumbullion and Orion gold deposits located on the Company's Green Bay Property in Newfoundland and Labrador, Canada. As the Hammerdown mine recently closed in 2004 this is considered as a Brownfield status project with minimal environmental impact.
Stantec's scope of work will include the environmental planning and permitting required to support the re-activation of the past producing Hammerdown Mine.
About Stantec Consulting Ltd.:
Stantec employs approximately 22,000 employees working in over 400 locations across six continents. They collaborate across disciplines and industries to bring buildings, energy and resource, environmental, and infrastructure projects to life. Through more than 40 years of operation in Newfoundland & Labrador, Stantec has developed an Environmental Services team with extensive project experience which includes EAs, associated baseline and life-of-project environmental monitoring for mining projects and other industries.
Stantec's local team has been involved in projects throughout Newfoundland and Labrador, and across the country, providing in-depth understanding of environmental and regulatory issues, and associated solutions, relevant to Maritime's re-activation of the Hammerdown mine. In addition, Stantec's experienced mining engineering team provides Maritime with access to top notch expertise in this field, available if and when required.
About Maritime Resources Corp:
Maritime has engaged independent third party engineering firm WSP Canada Inc. ("WSP") to complete the PFS and evaluate the mining potential of the past producing Hammerdown deposit. The economic assessment and prefeasibility engineering is estimated to be completed by calendar Q4 2016.
The Company has also entered into a Engineering, Evaluation and Services Agreement ("Agreement") with Rambler Metals and Mining PLC (AIM:RMM, RAB-TSX Venture) ("Rambler") to evaluate the economic potential of re-opening the past producing Hammerdown gold mine located within Maritime's Green Bay Property, Newfoundland and Labrador, Canada.
Maritime Resources holds 100% of the Green Bay property, located near Springdale, Newfoundland and Labrador. The property hosts the past producing Hammerdown gold mine and the Orion gold deposit, separated by a 1.5 km distance. An initial Independent Mineral Resource Estimate for the Green Bay Gold property was prepared in accordance to the requirements of NI 43 -- 101 and released in early June 2013. The study estimates the property to contain in excess of 425,000 ounces of gold (727,500 tonnes @ 11.59 g/t Au at Hammerdown and 1,096,500 tonnes @ 4.47 g/t Au at Orion) in the Measured and Indicated categories and in excess of 660,000 ounces (1,767,000 tonnes @ 7.58 g/t Au at Hammerdown and 1,288,000 tonnes @ 5.44 g/t Au at Orion) in the Inferred category, both at a 3 g/t cut-off grade. The estimate was compiled by Tetra Tech of Ontario.
The Hammerdown gold deposit was successfully mined by Richmont Mines between 2000 and 2004 while gold prices averaged $325/oz. During its operation, a total of 291,400 tonnes of ore were mined and milled, at an average grade of 15.83 g/t gold with a cut --off grade of 8 grams / t Au, recovering a total of 143,000 ounces of gold. All of the ore was processed at the Nugget Pond mill, now owned and operated by Rambler Metals and Mining Canada Limited, with an average gold recovery of 97.1%. Mining terminated in 2004 due to low gold prices with extensive gold mineralization remaining, although uneconomic at that time. The Orion gold deposit consists of two main vein systems, both of which are open along strike, and down plunge to the northeast.
SENSITIVITY OF RESOURCES TO GRADE CUT-OFF
Further information on the Green Bay Gold Property can be found on our website along with the NI43-101 compliant Technical Report filed on SEDAR on July 11, 2013 at www.maritimeresourcescorp.com.
Bernard H. Kahlert, P.Eng. is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release.
On behalf of the Board of Directors,
President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.